Former Anadarko CEO Joins Riverstone

Former Anadarko Petroleum Chairman and Chief Executive James Hackett has joined Riverstone Holdings, adding a leadership position at the energy-focused private-equity firm to his other retirement activity: enrollment at Harvard Divinity School.

Hackett, who is among the most successful oil and gas executives of recent years, will become a partner with New York-based Riverstone and share leadership of its Houston office.

Hackett, 59, follows a well-worn path of big name executives who have joined private-equity firms post retirement. That club includes former GE boss Jack Welch, who works with buyout shop Clayton, Dubilier & Rice, and former BP CEO John Browne, whom Hackett is joining at Riverstone.

He stepped down as chairman at Anadarko earlier this month handing reigns over to COO Al Walker. His exit from the exploration and production company was part of a planned succession. He became CEO in 2003 and chairman three years later.

Andarko’s shares were trading around $25 when Hackett became CEO in December 2003. They now trade above $85.

Prior to joining Anadarko, Hackett was chairman and CEO of Ocean Energy. After it was acquired by Devon Energy, he became chief operating officer there. The companies under his watch have pioneered shale development in the U.S. and made several big deep-water discoveries in places like the Gulf of Mexico, Ghana and Mozambique.

Hackett will help Riverstone unearth new deals and manage investments, the firm said in a news release.

His hiring comes as Riverstone nears the finish line on its first fund raised independent of Carlyle Group, its longtime partner. The firm aimed to raise a $6 billion fund and is expected to exceed that target, according to people familiar with the matter.

It also coincides with his plans to enroll at Harvard Divinity School. Hackett along with his wife Maureen O’Gara Hackett, have been longtime supporters of The University of St. Thomas, a Catholic liberal-arts university in Houston.

His desire to attend divinity school partially prompted his retirement from Anadarko, a company spokesman previously told the Wall Street Journal. Hackett said in a news release that he appreciated Riverstone “accommodating my pre-existing plans to attend Harvard Divinity School.”